The article claimed Facebook’s stock is "still too pricey," trading at "high multiples of both sales and earnings, even as uncertainty about the outlook for its business grows."

The company's shares are worth only $15, continued the Barron's article, which would mean the stock would have to fall another 25 percent from current levels.

"That would be roughly 24 times projected 2013 profit and six times estimated 2013 revenue of $6 billion, still no bargain price."

Analysts project the company to post a profit of 63 cents a share on revenue of $6.34 billion in 2013, according to estimates from Thomson Reuters.

The article cited issues with the transition of the company’s massive user base to mobile devices:

Success in mobile is no sure thing. The small screens on these devices don't give Facebook much room to configure ads without alienating users. And the way that mobile users access Facebook, through applications on iPhones, iPads, and Android devices, may diminish the time users spend at the Website while handing greater power to Apple and Google , which dominate the apps business.

And just in the last month, major Facebook investors including Peter Thiel and Dustin Moskovitz have sold large quantities of company stock, also stirring concern among investors.

Still, Barron’s said the bullish case for Facebook is that the team will find “creative ways” to produce revenue from its current 955 million monthly active users. Facebook gets an annual $5 per user in revenue, which could potentially double or triple in the next five years, according to the bulls.